and although I'm not in your shoes, all Americans with a DU mindset should stay at home, IMHO. The fewer of you in the states just means the more of them remain. I don't think that's a good idea.
Having said that, yeah, "The Island" is local, uh, parlance for Vancouver Island. In Vancouver proper we had a 775 sf condo. We sold that last year and bought a 2000 sf house in Courtenay for 25%-30% less.
Here are some more upsides:
Great arts community all over the island
Beautiful drive up the old highway from Parksville to Campbell River. (South to Victoria's probably nice too, I've just never driven that direction.)
Light traffic compared to Vancouver.
As gay-tolerant as Vancouver from what I've seen.
Fishing, hunting, Mount Washington, a possible training ground for the 2010 Olympics happening in Vancouver.
Here are the downsides:
You HAVE to have a car, if not a truck.
There are no fresh-produce corner stores with really good prices. You have to go to the bigger supermarket chains and generally pay more.
It's very "white" here. I miss the cultural diversity of Vancouver. You want your Greek specialty food, or a Bollywood DVD? Forget it.
The natural surroundings are great, but how I miss English Bay.
You will be affected whenever there's a ferry strike (here, the Orwellian term is "job action")
Local city councils like to focus on silly details sometimes: "Let's ban all plastic grocery bags!" I guess there aren't many real problems in that case.
There's so much more, but I'm sure you'll find more information easily. If you decide to emigrate, definitely check us out. I can't guarantee that you won't get the occasional "look" for being from the US, but honestly it's only because of bush.
EDIT: BTW, love the cartoon.